JPM Expects CNOOC to Raise Mid- to Long-term Production Target, Maintains Overweight
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JPMorgan has issued a research report indicating that CNOOCis expected to raise its mid- to long-term production target due to a sustained increase in oil prices. CNOOC reported a net profit of RMB39.1 billion for Q1 2026, reflecting a 96% quarter-on-quarter and 7% year-on-year increase. Despite adjusting its maintenance plan and accelerating project construction, the company will not change its FY2026 earnings guidance for now. JPM has raised its EPS forecasts for CNOOC by 3% and maintains an Overweight rating with a target price of HKD33 for its H shares.
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